If you haven’t already done so, it’s time to speak with an experienced estate attorney, such as Sona, about making appropriate plans for your family! For our third article in this series about estate planning, I asked our expert, Sona Tatiyants, to shed some light on what we could expect in the process of creating an estate plan. While I was imagining that stacks of paperwork and endless information would be necessary, Sona assured me that starting this process is MUCH easier than I envisioned. Here are some of her insights on what to expect before, during and after you create a plan for your estate.
If you have been following our series about how to be prepared in the event of your passing, then, thanks to Sona, you already know about how a revocable trust can protect your children and how to choose a guardian for your minor children. If you haven’t been following, don’t fret! Check out the above links or short videos below to get up caught up on everything you need to know about these topics.
Estate Planning for Families
How to choose a guardian for minor children
Before Your Meeting
Before the meeting, Sona has clients fill out an estate-planning questionnaire. The purpose of the questionnaire is to get a inventory of the assets held by the family including retirement funds, investments, tangible assets, and so on. The questionnaire also requests information including family members, children, parents, and marital status. Questions about potential future guardians are also included to encourage parents to begin thinking about this decision. The completion of this questionnaire helps Sona, or your chosen estate planning attorney prepare for your meeting.
This link will allow you to download Sona’s Estate Planning Questionnaire.
It is also customary for clients and attorneys to sign an engagement letter at this point in the estate-planning process. Sona requires that half of her fee is paid at this point. Families can expect about a three week time period to allow the attorney to get the documents ready to proceed.
During the Estate Planning Process
As a mother of a young child, Sona understands how difficult it can be to make a trip to an office to meet with an attorney face-to-face For this reason, she is available to conduct the initial meeting(s) with her clients over the phone or on Skype. Regardless of where your first meeting is held, deciding on the goals of the family is first and foremost in Sona’s mind. Depending on the family’s goals, a few options may be suggested. Most commonly these options are (a) a will-based plan or (b) a trust-based plan. Trust-based plans are more expensive than will-based plans, but they also ensure that your assets pass on to your children avoiding probate.
Here is a detailed outline of what is included in each plan:
Trust Based Package ($3,000 – $4,500)
Includes the following documents:
- Revocable Living Trust (with personalized provisions how distributions will be made to your spouse and your children (e.g. at age 25, and 30), (for what particular needs, like college, travel, etc.), (additional planning depending on a family’s specific needs could be planning for a special needs child, planning for a blended family, non-citizen spouse, tax reduction and elimination, business planning, etc.)
- Wills (1 for each spouse)
- Guardianship Nomination for minor kids
- Durable Powers of Attorney (1 for each spouse)
- Health Care Directives (1 for each spouse)
- New deed for your house transferring ownership to you both as trustees of the trust
- Preliminary Change of Ownership Report (filed with LA county to avoid property reassessment for your home transfer into the trust)
- Homestead Exemption
- Certification of Trust
- Assignment of Property to trust (and assignment of business / corporation and preparation of corporate minutes, if necessary)
Will Based Package ($1,500-$2,000)
Includes the following documents:
- Wills (1 for each spouse) (wills have specific provisions when children will inherit (e.g. at age 25, and 30), for what particular needs, like college, travel, etc., and if needed, creation of a trust at the death of the parents)
- Guardianship Nomination for minor kids
- Durable Powers of Attorney (1 for each spouse)
- Health Care Directives (1 for each spouse)
Sona advises that families can always start with the will-based plan and add onto it when it becomes financially feasible.
After deciding on a package, Sona, or your chosen estate attorney, will carefully discuss each item above with the family and assist in drawing up all the corresponding documents.
During the final meeting, Sona and her clients meet face-to-face and sign the documents, making them legal and binding.
After the Initial Estate Plan is Complete
No one knows better than parents that life can change quickly. Luckily, Sona is prepared for these changes. If a document needs to be changed or updated within 6 month of its creation, Sona will complete these changes free of charge for her clients. This may include the birth of a child, a change in marital status, the acquisition of a new home, etc.
No one knows better than parents that life gets busy! I’m sure it will come as no surprise that Sona is one step ahead again! She contacts her clients every two years just to check in. She inquires about changes in assets and/or family arrangements including those listed previously and advises her clients about any need for revising their estate plans.
While I was once completely intimidated by what I perceived to be the daunting task of creating an estate plan, equipped with the knowledge Sona has afforded me from her articles, I feel like estate planning is something I can now complete confidently. Now I am ready to take the first step and make my appointment for planning our estate and assuring that our chidlren are well cared if they are left in my husband’s and my absence. Thank you, Sona!
For more information on these topics, download Sona’s free e-book !
Sona A. Tatiyants
Described by her clients as “the perfect lawyer for the job,” Sona A. Tatiyants understands the ever-changing and complex world of estate planning. As a wife and mother, Sona understands how overwhelming the world of estate planning can feel for a family. As an experienced lawyer, she knows just how important it is to have one in place. Just like no family is the same, no family’s estate plan is the same. With a deep understanding of the law and the tax-related complexities of her field, Sona works to personalize your family’s plan.
Contact
Learn more about Sona A. Tatiyants’s legal services on her website, call her at 818.956.9200 , email her at @info@tatiyantslaw.com, tweet with her @SonaTatiyants and/or follow her on Facebook!
{This is a sponsored article.}
About Kimberly
